Vice President, Variable Life Strategy Lead
Fortitude Re is a liability-led reinsurer of legacy insurance portfolios complemented by sophisticated investment capabilities. The business is renamed, Fortitude Life Insurance and Annuity Company (FLIAC). The block primarily consists of non-New York traditional variable annuities with living benefits that were issued prior to 2011 with approximately $31BN account value. The PALAC transaction demonstrates Fortitude Re’s expertise in delivering comprehensive and value enhancing solutions for leading insurers that enhance capital efficiency and address strategic priorities. the company entered into a series of L&A and P&C reinsurance transactions with AIG and received an initial capitalization of ~$3 BN. The transactions represented ~$37 BN of reserves supported by ~$40 BN of invested assets. During this time, AIG also entered into a long-term partnership with The Carlyle Group, with Carlyle acquiring 19.9 % ownership. Then in 2019, The Carlyle Group and T&D announced acquisition of a majority interest in Fortitude Re from AIG. This allowed for a new long-term shareholder base for the company while maintaining a strong capital position for supporting reinsurance obligations. In April 2022, Fortitude Re acquired Prudential Annuities and Life Assurance Company (PALAC) from Prudential Financial.here for more information about Fortitude Re.
Location: Jersey City, NJ
Travel: 0% to 15%
Experience: 15+ years of experience in capital markets and insurance/reinsurance
Reporting Relationships and Organizational Scope
Variable Life is one of Fortitude Re’s three lines of business (the other two are Traditional Life and Property & Casualty). This role will report to the Variable Life Business Leader. The VP, Variable Life Strategy lead is primarily responsible for developing strategies to optimize the overall risk-adjusted performance of the Variable Life business.
This role will also have responsibility for inforce management of the Variable Life business.
Role and Responsibilities
- Develop investments, capital markets and reinsurance-based strategies to enhance and optimize the performance of the FLIAC variable annuity block
- Identify and evaluate blocks of business with potential synergies for FLIAC, in partnership with Fortitude Re’s deal team
- Build and lead the Variable Life strategy function
- Own inforce management of the business and collaborate in partnership with Operations and Actuarial
- Develop processes to effectively manage all rate renewals and fund changes to minimize adverse economic impact to the business
- Provide ad hoc quantitative modeling support for a range of key initiatives across the business
- Manage and coach a small team of professionals to support the Strategy function.
- Support the Variable Life hedging team through quantitative support for the development of hedging strategies, in partnership with Actuarial
- Provide support in the forecast of financial results for the business
- Communicate complicated concepts clearly and effectively with members of senior management and investors
Fortitude Re is seeking a strong and experienced leader with advanced capital markets and life insurance/reinsurance experience to run Strategy for the Variable Life business. This is a high visibility role as Fortitude Re integrates the FLIAC VA business.
The ideal candidate will have significant experience and expert-level knowledge in capital markets and insurance/reinsurance. Familiarity with VA products is essential, along with knowledge and experience with the US life insurance capital regime and accounting rules (US GAAP and statutory). The successful candidate must have a proven track record of execution. The candidate must have excellent communication skills and the ability to interact with management and business partners effectively.
A degree in a technical/quantitative discipline, such as finance, economics, operation research, engineering, computer science, mathematics, statistics, or physics is preferred. Actuarial credentials are a plus but not necessary.
- 15+ years of capital markets and insurance/reinsurance experience; variable annuity experience is required
- Experience in structuring out-of-the-box investments and reinsurance strategies and managing asset-liability risks
- Advanced knowledge of financial mathematics and its applications
- Knowledge of and experience with variable product accounting and capital rules
- Management experience with an ability to lead a small team
- Demonstrated success working in cross-functional collaborative teams and in working with senior management
- Ability to lead change, team members and projects
- Desire to work in a ‘start-up’ environment
- Highly creative
- Strong oral and written communication skills
- Highly motivated and results-oriented
- Strong analytical skills
At Fortitude Re, we believe that diversity and inclusion are critical to our future and our mission- creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.
- Job Family IN - Investment
- Job Function VP
- Pay Type Salary
- Jersey City, NJ, USA